Practice Review
Practice Review
Practice Review is a strategy adopted by SAIPA to regain the public trust in the accountancy profession through rendering quality services. The first task of the practice review unit was to assist practices to develop a system of quality management (SMO) in compliance with the International Standards on Quality management, which lead to the development of an online self-assessment practice review tool.
The Online Practice Review Tool and related practice review requirements will be piloted by two different groups of members in July 2023 and the feedback will be used to make the necessary changes before it is rolled out to members in November 2023. SAIPA has already conducted several webinars explaining the steps and highlighting the support available to comply with International Standard on Quality Management and Practice Review. These educational sessions will continue throughout 2023 and beyond at SAIPA’s districts and national levels.
Objectives
The Practice Review program fulfils a mandatory requirement for SAIPA to review all registered professional accounting practices (PAPs) and professional services providers (PSPs) who performs accounting engagements, compilation and/or tax services, while providing an educational experience to members and practices.
The objective of a practice review is to protect the public by assessing the practice’s compliance with professional standards and, in instances of non-compliance, to take appropriate follow-up or remedial actions.
Overview
The purpose of a practice review is to determine whether the practice of a professional accounting (PAF) or professional service provider (PSP):
- Compliance with generally accepted accounting principles and generally accepted review standards.
- Compliance with the standards of practice as set out in the SAIPA Code of Conduct and By-Laws.
- Adherence to high standards with regards to best practices in the profession.
- Compliance with ISQM’s (the International Standards of Quality Management) for practices,
- And International Education Standards (IES 1 – 7) for Educational Institutions and SAIPA’s ATC’s (Accredited Training Centre),
- And the standards governing engagements (ISRS’s and ISRE’s) performed by professionals of IFAC (the International Federation of Accountants) and
- Compliance with all processes as set out by SAIPA’s QAPR Framework (Quality Assurance and Practise Review Framework)
- Compliance with other regulatory matters such as complaints made to the Institute, claims made against the Practice, etc.
The scope of practice review covers primarily all the services rendered by a practice. The services might include but not limited to:
- The assurance, non-assurance services and
- Accounting and tax services.
- Other engagements
Quality Management policies and procedures adopted by a firm provide reasonable evidence that assurance, non-assurance, tax service and other engagements are carried out in accordance with regulations and legislations set out in general standards of the profession.
Practice reviews are primarily intended to evaluate whether a practice quality management policies and procedures for its accounting, assurance, non-assurance and tax services are appropriate to achieve the quality management objectives.
A professional accounting practice or professional service providers are encouraged to document its quality management procedures prior to practice review visits.
Email Sechaba Motaung Quality Assurance and Practice Review Manager, Professional Accountant (SA) for access to the support hub to comply with the International Standard on Quality Management or to address any queries related to practice review sechaba@saipa.co.za